No truer words were ever spoken. As you know, obama believes in trickle up theory so he does not believe taxing to give to the poor hurts anybody.
Last time I looked Chevron and Exxon were doing okay in stock prices. It is the small companies hit the hardest. And the energy companies who do not drill and buy all their oil. Even Halliburton was having some problems.
Nobody I know in oil or energy voted for obama. Maybe a few of the retailers because a lot of them are foreigners. Some of the retailers believed obama would increase their profit margins when he taxed the oil companies. For the most part oil people are good ol' boys and conservatives.
The handwriting was on the wall last year when Maxine Waters said we can nationalize you. When the bailout had a provision to tax oil companies. When Hillary and obama said they would take windfall profits from oil companies for social entitlements. True to what was thought to happen, the stimulus, omnibus and 2010 budget all are heavy taxes to oil companies. This along with lower demand and you have a distressed fiscal outlook.
Since 2006, oil companies were the democrats whipping boys they would call on the carpet to deflect whatever they were or weren't doing. Today you can be happy your company was one to be called in by congress because it means you will probably keep your job. i.e Exxon and Chevron. Big targets for the democrats. They wanted their profits. Even though government made more profit than the oil companies did through taxes.
Democrats made stimulus policy, now the bailouts are the target. Democrats created the freely loan money to those who can't qualify, now the taxpayers pay for their ignorant mess.
Oil and energy companies are not going away as obama wishes. obama and the dems are not doing the clean energy companies for the good of the people. The need for oil will come back bigger than ever when we get someone in office who cares more for the people and corporations than their agenda. Meanwhile, the layoffs will destroy some lives. I do want to be clear that supply and demand is a part of the lowered expectations. You would think it would be a time for obama to back off.
As obama is repeating over and over we need oil independence from foreign countries, what he means is continuing funding of those countries through oil purchasing is my goal. We could be independent, spend our money domestically on oil and energy, and balance our budget if we were allowed to get to our own resources. Instead sacrifice, taxing and destruction.